Win/loss analysis can be a great way to get sales performance feedback whether you’re a sales rep or manager. We know win/loss analysis can be alittle theoretical and a heavy process. No-one wants that, which is why we’ve created one method for conducting win/loss analysis. Scroll down to get the easiest way for sales reps to run win/loss analysis minus the hassle and hangups.
The simple win/loss analysis method for sales reps
Step 1: Ask right customer for permission
We’ll start by nailing down the right customers to interview for win/loss analysis. Then get specific: which deals should you get feedback on?
Next, let the customer know (before the sales cycle completes) that you’d like feedback. Regardless if the deal is won or lost, you’d like to hear what they think: is that okay with them?
Step 2: Remove barriers
Get the customer comfortable. It’s natural for them to be awkward when trying to give feedback on your performance to your face. Empathize with them and be honest:
“This is super valuable and interesting for me. Please don’t try to protect my feelings, I know it’s hard to give feedback, just give me as much as you’re comfortable with.”
Step 3: Use questions to get more detail
Draw out more detail from the customer by asking specific questions. Take the two below for example:
- “Did you feel like I took time to understand what you really needed?”
- “What was the biggest thing I did to influence your final decision?”
During your chat, you can dig deeper by:
- Using Why and How questions to expand on interesting feedback customers give you.
- Wrap up with a fun Hail Mary question: “If you were my manager, what would you get me to do differently?”
Step 4: Interpret + prioritize feedback
It’s likely most feedback given will be straightforward. If not, now’s the time to pull the underlying message from the points you’ve been given.
Next, create an action list with the feedback and order each point by priority/urgency. These’ll be your actionable takeaways you’ll use to refine your practice. Make sure you upload your action list into your sales tool for your own records.
Step 5: Follow-up with gratitude
End on a high! Once you’ve got your prioritized action list, reach out and thank your customer for helping you take another step on your journey towards a better sales practice.
Our win/loss method needn’t take sales reps more than 10 minutes. Plus it’s a simple way to find validation: to learn exactly how you’re making a difference, and how you can become even better! Remember:
1: Identify the right customer to ask and get their permission
2: Remove barriers to feedback
3: Use questions to draw out more feedback
4: Interpret feedback and build an action list
5: Follow-up with gratitude!
Want to hear more advice? Join Jonathan and sales leadership advisor on December 8th 2022 for a conversation on ways to attract, develop, and retain top sales talent: take me to the event!